Durango Acquires Claims North of Bell Creek Mine and Lake Shore Gold - Goldcorp Discovery Near Timmins
Vancouver, BC / TheNewswire / March 2, 2016 - Durango Resources Inc. (the "Company" or "Durango") is pleased to announce that it has entered into an agreement to acquire 100% of the Whitney Northwest Gold Project. The property consists of 256 hectares located near the Lakeshore Gold Corp. (T-LSG) and Goldcorp Inc. (T-G) joint venture ground north of the city of Timmins, Ontario, and 9 kilometres ENE of Timmins.
Durango's new Whitney Northwest Gold Project is located approximately 5 kilometres northwest of the Lake Shore Gold Corp. and Goldcorp joint venture "Whitney Project" ground where Lake Shore announced a new shallow-depth gold discovery on February 4, 2016. Subsequently on February 8, 2016 Lake Shore announced that Tahoe Resources Inc. (T-THO) would acquire Lake Shore in a $945 million deal.
Durango will issue 1.5 million shares on TSX approval and pay $25,000 on completion of financing for 100% title to the mineral claims.
President and Director of Durango, Marcy Kiesman, states, "The acquisition of the Whitney Northwest Gold Project is a great step in creating new value for Durango's shareholders. We are excited to have the opportunity to enter an area of great significance for gold mining in Ontario with a desirable land position tied onto Lakeshore and Goldcorp's joint venture ground."
The technical contents of this release were approved by Mr. Case Lewis, a vendor of the property and a Qualified Person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
About the Whitney Northwest Project
Durango's Whitney Northwest Gold Project is located within the western part of the Archean-aged Southern Abitibi Greenstone Belt, a supracrustal complex of moderately to highly deformed, usually greenschist facies, volcanic-dominated oceanic assemblages that are approximately 2.7 million years in age. Supracrustal rocks in the Timmins region are assigned as members of seven volcanic and two sedimentary assemblages within the Western Abitibi Subprovince of the Superior Province. Intrusions were emplaced during the Archean and Proterozoic eons.
The Whitney Northwest Gold Project lies between the gold-bearing Destor-Porcupine Fault to the south (>60 million ounces of historic production to the end of 2006) and the gold-bearing regional Pipestone Fault to the north. The property covers the interpreted extension of several north-south and east-west trending faults.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner's Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and the NMX East lithium property near the Whabouchi mine in Quebec, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Facsimile: 888.266.3983
Email: durangoresourcesinc@gmail.com
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company's prospectus filed on its SEDAR profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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